Applicability of tax audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 December 2016 ONE OF MY CLIENT HAS TURN OVER OF RS 8500000 AND NP RS 160000 HE ARGUE THAT ONE ADVOCATE HA ADVISED HIM THAT HE WILL NOT REQUIRE TO GET HIS ACCOUNTS AUDITED DURING FY 2015-16 AS HE HAS NP LESS THAN TAXABLE INCOME LIMIT, IS HIS ARGUEMENT IS ACCEPTABLE?

CA Suresh Jain

CA Suresh Jain (Expert)
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04 December 2016 Presuming that your client is in business and not in profession, there is no requirement of tax audit as annual turnover is less than Rs. 1 Crore.

CA Pallav Singhania

CA Pallav Singhania (Expert)
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05 December 2016 Hi,
Any person carrying on a business must get accounts audited if turnover exceeds Rs 100 lacs.

In your case Tax Audit is not applicable.